Mon, 04 May 2026 | COMMERCIAL PROPERTY
A joint venture between real estate investors has expanded its portfolio of logistics assets to more than 1.5 million sq ft following a pair of acquisitions. Clearbell Property Partners IV LP - a fund managed by private equity firms Clearbell Capital and Deva Capital, the real estate investment arm of Santander Alternative Investments - has acquired sites in Banbury and West Byfleet.
In Banbury, it has acquired five industrial units at MXL Centre. The units total 115,000 sq ft and are home to tenants including IT and cloud services business Covenco Recovery Services, healthcare services provider EMED Group and food ingredients manufacturer Newly Weds.
Following the acquisition, Clearbell plans to upgrade these units to EPC ratings of B or higher for energy efficiency, while installing rooftop solar.
In West Byfleet, the fund has acquired the 65,000 sq ft Trackside Business Centre, a multi-let industrial estate comprising 11 fully let units.
In total, the acquisitions add 180,000 sq ft to the fund’s logistics portfolio, which now spans 23 assets totalling more than 1.5 million sq ft.
Rob Cole, Investment Director at Clearbell Capital, commented: "These latest acquisitions in Banbury and West Byfleet demonstrate the continued momentum of the joint venture.”
"Having tracked both assets for some time, we believe they are strong additions to the portfolio, complementing our existing presence in West Byfleet while increasing geographic diversification through Banbury.”
The JV has also refinanced its entire portfolio with HSBC UK, with a £116 million new facility. A £34 million accordion provides capacity to scale up to £150 million to support the fund’s future acquisition plans and its ongoing sustainability initiatives.
The four-year loan, which also features a one-year extension, will provide the fund with the flexibility to finance both new acquisitions and ongoing improvements across its portfolio.
Rob Cole said: "The refinancing with HSBC UK provides additional capacity to pursue further opportunities as they arise, while supporting our ongoing asset management strategies to drive operational performance across the portfolio.”
HSBC UK Relationship Director Peter Nelson said: "We're delighted to support Clearbell and Deva Capital with this new facility, which refinances existing arrangements and provides additional capacity to pursue future acquisitions. This transaction reflects our shared focus on long-term, sustainable growth.”
"At HSBC UK, we're committed to backing ambitious businesses with flexible financing and sector expertise, helping them move quickly on opportunities while maintaining a disciplined approach to capital structure. We look forward to working closely with the teams at Clearbell and Deva Capital as they continue to execute their strategy."
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